The Binance hacker is swapping roughly 970,000 SOL, worth $95.9 million, into Bitcoin through the Relay Protocol. About 486,970 SOL, valued at $46.4 million, have already been exchanged within an hour, fueling concerns about additional selling pressure on Solana. An investor also opened a $23 million short position on SOL with 20x leverage and a liquidation price of $123.2. SOL has been in a downtrend for more than six weeks, while the SOL/BTC ratio fell 12% in October. A break below $90 could turn that level into a bull trap as investors continue to favor Bitcoin over altcoins.
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